Tag: Estate Planning
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Five Key Steps To Protect Senior Deed Holders From Scams
Older homeowners, especially those whose mortgages are paid off, can be targeted for deed theft. The crime involves someone else pressuring a vulnerable senior or forging documents to gain control over the property’s value. But good, timely planning can protect the senior—and, ultimately, protect the senior’s heirs in turn.
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Inheriting a Home? Read This First.
Now more than ever, an inherited home is a valuable gift. Yet when the inheritance time comes, you might not be sure what to think or do. Or you might simply have questions. Thinking ahead can help get you through that time with confidence. Here‘s a brief guide to planning ahead.
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Senior Under Guardianship: Target for Fraud?
Sleazy schemes often target people at their most vulnerable. Perhaps the most vulnerable time in all of our lives comes in old age. At some point, older deed holders who want to manage the value of their property become likely to lose the capacity to do so. One legal mechanism for carrying out an impaired person’s business…
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HECM: Can It Ease a Senior’s Financial Stress?
A home equity conversion mortgage (HECM) is a lesser-known financial tool designed for seasoned deed holders. At essence, it’s a reverse mortgage. Backed by the FHA, it allows qualified seniors to reach some of their home equity while holding onto the home.
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What If a Power of Attorney Fails to Maintain the Real Estate?
Linda lives in a memory care unit. Her former home, just a mile away, has been vacant for more than three years. Just before she moved to the assisted living site, she signed legal power over her affairs to her sister Gerry. Gerry lives out of state, and rarely has time to visit Linda. A…
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Quitclaim Deeds, Gift Deeds, and Transfer on Death Deeds
Transferring real property between family members is one of the most common estate planning activities in the United States. Whether parents want to pass a family home to adult children, siblings need to resolve inherited property ownership, or grandparents wish to gift vacation property to the next generation, understanding the available deed options is essential…
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Turning a Vacation Home Into a Charitable Gift
Whether it’s an investment vacation property, or simply a place to unwind, there might come a time when you’re ready to let it go. With home values so high these days, you could face significant capital gains taxes if you sell your extra home and donate the proceeds to charity. If you itemize deductions on…
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Consider This Before Creating a Life Estate Deed
Say you decide you’d like to stay in your home for life. After all, with the costs for assisted living going through the roof, holding your deed might be the best senior living plan! You can certainly draw up a life estate deed, and convey your property into a co-ownership with someone — a friend,…
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Only My Name Is on the Deed. Will My Spouse Inherit It?
If you share a home, you might figure your marriage means the home deed will belong to your spouse when you pass away. And if you own the home jointly with survivorship rights, then yes, your home will go to the surviving spouse whenever one of you passes on. But not all spouses vest their…
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Should We Name Our Adult Child on the Deed, So Probate and Title Transfer Aren’t Needed Later?
Would it make it easy on you and your adult child to put the child’s name on the deed to the home you’re buying? Especially if you’re an older adult, it might seem to make perfect sense. But the answer isn’t as easy as it might seem at first glance. So, read on. You might…
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Should I Remove My Deceased Spouse’s Name From Our Deed?
You probably don’t have to. That said, the best answer to your question should take into account the way your deed was vested, and whether a lawyer recommends that you carry out a formal name removal for a specific reason.
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The Charitable Remainder Trust: Who Uses It, How It Works
A charitable remainder trust (CRT) is an estate planning tool for people who want their estates to ultimately go to a registered nonprofit. The person who creates the trust, and/or others listed as beneficiaries, draw(s) income from the trust for a period. At the end of the trust term (or when the last named beneficiary…
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Can Co-Owners Use a Transfer on Death Deed for Real Estate?
Can co-owners plan to pass a home along using the revocable transfer on death deed (TODD)? Yes. If your state recognizes the TOD deed (also known simply as TODD) for real estate, there will be an official state form. Alternatively there will be a sample included in your state’s law, which you can look up.…
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Should I Pay Off the Mortgage if I’m Single with No Heirs?
Hold on a minute. Are you sure you have no heirs? Somebody in an extended family is nearly always tracked down when someone dies intestate. Of course, that doesn’t rule out the point of your question. Let’s take a look at the person who dies with a mortgage loan balance — but without naming a…
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What Can a SRES® Agent Offer a Mature Home Buyer?
Have you heard about the Seniors Real Estate Specialist® (SRES®), from the National Association of REALTORS®? The SRES credential is a sign that an agent can support the goals and needs of older clients. The SRES agent has been trained in the unique challenges of those who enter the market aged 50+.
